Core Insights - PetroTal Corp. reported solid financial and operational results for 2025, with a 9% increase in production compared to 2024, despite weaker oil prices [5][7] - The company returned $44 million to shareholders through dividends and share buybacks, while generating $90 million in free funds flow and ending the year with nearly $140 million in cash [5][7] - Future plans include optimizing water handling capacity at Bretana and resuming development drilling by October 2026 [5][12] Financial Performance - Average Q4 2025 production was 15,258 barrels of oil per day (bopd) and average sales were 15,059 bopd [7] - For FY 2025, average production was 19,473 bopd, with sales at 19,212 bopd, both representing a 9% increase from FY 2024 [7] - Adjusted EBITDA for Q4 2025 was $18.5 million ($13.38/bbl) and for FY 2025 was $166.3 million ($23.71/bbl) [7] - Annual net income for FY 2025 was $44.2 million, down from $111.5 million in FY 2024 [7] - Total cash at year-end 2025 was $139.1 million, an increase from $114.5 million at year-end 2024 [7][15] Operational Updates - The company is focused on resuming development drilling at Bretana, with plans to award a contract to a third-party drilling contractor [6][12] - As of March 23, 2026, production averaged approximately 15,000 bopd YTD, with constraints due to water reinjection capacity [11] - The erosion control project has faced delays, prompting the company to terminate its contract with the current consortium and seek new contractors [6][13] Environmental and Regulatory Developments - On March 18, 2026, Peru's National Environmental Certification Service approved the modification of the Detailed Environmental Impact Study for the expansion of the Bretaña Norte oil field, allowing for the drilling of up to 23 additional production wells [14] Cash and Liquidity - The company ended Q4 2025 with a total cash position of $139.1 million, with $112.4 million being unrestricted [15] - PetroTal executed hedges on 1.5 million barrels of forward oil production through March 2027, covering approximately 24% of estimated 2026 production volumes [16]

Core Insights - Parex Resources Inc. reported solid operational results, reserves growth, and strong shareholder returns for 2025, with a focus on long-term organic growth and value-accretive M&A in Colombia [3][4]. Financial Performance - The company generated annual funds flow from operations (FFO) of $455 million and free funds flow of $145 million in 2025 [5]. - Net income for 2025 was $255 million, translating to $2.62 per share, with an adjusted EBITDA of $513 million [5][9]. - The company declared a Q1 2026 regular dividend of C$0.385 per share, annualizing to C$1.54 per share [5][13]. Operational Highlights - Average production for 2025 was 48,606 boe/d, with a year-end production of 44,701 boe/d, achieving guidance [8][9]. - The company successfully completed a tuck-in acquisition at LLA-32, increasing peak production to over three times pre-acquisition levels [6]. - A near-field exploration program achieved a 75% success rate, adding production and reserves [6]. Reserves Assessment - As of December 31, 2025, Parex increased both PDP and 1P reserves per share by 4% and 2P reserves per share by 8% compared to 2024 [5][8]. - The reserve replacement ratios were strong, with PDP and 1P at 106% and 2P at 152% [8][19]. - The company maintained a 2P reserve life index of 10 years [8]. Capital Expenditures - Total capital expenditures for 2025 were $310 million, primarily focused on activities at LLA-32, LLA-74, LLA-34, Cabrestero, and Capachos [5][9]. - The company expects elevated capital expenditures in H1 2026, aligning with a front-end weighted activity plan [12]. Future Outlook - The company is advancing its field development planning and has initiated drilling activities in the Putumayo region, with initial results exceeding expectations [11]. - A 10-well exploration program at LLA-111 is underway, with positive log results from the first well [11].

Profitable Production Growth Creating Long-Term Value FEBRUARY | 2026 Birchcliff's 100% owned and operated Pouce Coupe Gas Plant Corporate Presentation This presentation contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. For further information regarding the forward-looking statements and forward-looking information contained herein, see "Advisories – Forward-Looking Statements". With respect to the disclosure of Birchcliff's production cont ...

Core Viewpoint - Saturn Oil & Gas Inc. announces its 2026 capital budget and production guidance, focusing on prudent capital allocation and flexibility in response to commodity price fluctuations [1][2]. Capital Budget and Production Guidance - The company plans a development capital budget of CAD 180 to 190 million, targeting average production of 39,000 to 41,000 boe/d, with approximately 81% weighted to oil and liquids [2][8]. - The budget is designed to prioritize high-return drilling targets and optimize free funds flow generation, allowing for quick adjustments based on market conditions [2][3]. Financial Expectations - Adjusted Funds Flow (AFF) is projected to be between CAD 325 million and 375 million, with a per-share estimate of CAD 1.75 to 2.00 [8]. - Free Funds Flow is expected to range from CAD 120 million to 170 million, translating to a yield of 25% to 35% [8][9]. Production Strategy - The 2026 budget is expected to be weighted towards the second half of the year, with over 40% of capital deployed in Q3 and nearly 30% in Q4, reflecting seasonal impacts [5][6]. - The company plans to drill 105 wells, focusing on high-return locations in Southeast Saskatchewan and Central Alberta [10][19]. Operational Efficiency - The company aims to reduce net operating expenses through the integration of recently acquired assets and ongoing efficiency improvements [6][19]. - Minimal infrastructure spending is required due to the mid-life cycle asset base, which has lower decline rates [3][19]. Sensitivity to Commodity Prices - Each additional USD 5 per barrel increase in WTI oil prices is estimated to add approximately CAD 50 million to AFF [9][10]. - The disciplined capital budget retains flexibility to target quick payback opportunities in response to price changes [9][10].

Core Insights - Bonterra Energy Corp. announced positive results from its latest Charlie Lake wells, with a combined average 30-day peak rate of 2,650 BOE per day, including 1,100 barrels per day of light crude oil [2][8] - The company has entered into a definitive agreement to acquire an adjacent asset in the Greater Bonanza Area for $15.7 million, which is expected to enhance production and cash flow [4][10] - The preliminary budget for 2026 anticipates production growth of 8% year-over-year, with a capital expenditure range of $75 to $80 million [13][21] Charlie Lake Well Results - Completion operations on two new wells were finished in Q4 2025, achieving peak rates of approximately 1,325 BOE per day per well [8] - The new wells utilized three-mile laterals and increased fracture stimulation intensity compared to previous wells [2] - An additional well is planned for completion in Q1 2026 [2] Strategic Acquisition - The acquisition will increase Bonterra's land holdings in the Greater Bonanza Area by 36% and add approximately 760 BOE per day of production [4][9] - The deal includes 21 top-tier drilling locations and enhances the company's existing infrastructure [9][10] - The acquisition is expected to close before December 31, 2025, and will be funded through the company's revolving credit facility [10] 2026 Preliminary Budget Guidance - The budget aims for an average production of 16,200 to 16,400 BOE per day, with a focus on Charlie Lake and Montney assets [13][21] - Expected funds flow is projected between $105 million to $110 million, with free funds flow of approximately $21 million [14][21] - The budget allocates approximately 60% towards the Charlie Lake core area, 10% towards Montney, and 25% towards Cardium [22] Financial Metrics and Projections - The company anticipates a free funds flow yield of approximately 14% based on a WTI price of $60 per barrel [14][21] - The net debt to last twelve months' EBITDA ratio is expected to be around 1.3x by the end of 2026 [14][23] - Hedges are in place for approximately 31% of expected crude oil and 21% of natural gas production to mitigate market volatility [17]

Core Insights - Saturn Oil & Gas Inc. reported a significant net debt reduction of over $119 million in Q2 2025, achieving a total net debt of $694.8 million, which reflects a 15% decrease compared to Q1 2025 [2][5][6] - The company achieved record free funds flow of $93 million, supporting ongoing financial flexibility and shareholder returns [2][5][9] - Adjusted funds flow for the quarter was $109 million, representing a 23% increase compared to Q2 2024, with a per-share value of $0.56 [5][9][12] Financial Highlights - Petroleum and natural gas sales for Q2 2025 were $236.7 million, compared to $278.1 million in Q1 2025 and $208.9 million in Q2 2024 [8][37] - Cash flow from operating activities was $89.9 million, down from $165.4 million in Q1 2025 but up from $50.5 million in Q2 2024 [8][37] - Adjusted EBITDA totaled $131.7 million, a 24% increase over Q2 2024, resulting in a net debt to annualized quarterly adjusted EBITDA ratio of 1.3x [9][37] Operational Highlights - Average production for Q2 2025 was 40,417 boe/d, exceeding the high end of guidance and reflecting continued asset outperformance [5][15] - Operating costs were reported at $18.28 per boe, which was below the low end of guidance [5][10] - The company successfully repurchased $19.8 million of its Senior Notes at a discount, effectively reducing total liabilities and future interest obligations [6][11] Strategic Initiatives - The Saskatchewan government's elimination of the carbon tax is expected to yield annual operating cost savings of up to $20 million, which can be reinvested into the business [12] - The company has initiated a substantial issuer bid (SIB) to repurchase shares, with a total return to shareholders of approximately $24 million since August 2024 [9][13] - Saturn plans to continue its capital expenditures in Q3 2025, estimated between $80 million and $90 million, focusing on high-return drilling programs and production optimization initiatives [17][18]